ST. PAUL, MN – Today, the Minnesota Department of Commerce and the Minnesota Department of Health released information about health insurance plans and rates that will be sold on MNsure, Minnesota’s new health insurance marketplace.
Rates for policies available on MNsure for the individual market start as low as $90.59 for a 25 year-old, non-smoker living in the Twin Cities, with options in each metal level (bronze, silver, gold, and platinum plans) reflecting comparable value for the price.
MNsure plans are categorized as bronze, silver, gold or platinum based on how much of the cost is paid by the insured person. For example, bronze plans are likely to have lower premiums but higher out-of-pocket costs such as deductibles, co-pays and coinsurance. In addition to these four “metal levels,” high deductible “catastrophic plans” are available for young adults under age 30 and certain other qualifying individuals. All plans provide coverage for the set of essential health benefits that are now required by law.
In addition to the competitive rates of the plans offered through MNsure, comprehensive networks are available across the state – 85 percent of Minnesota counties will have 3 or more health insurance companies to choose from – providing border-to-border choice for all Minnesotans.
"Today, we learned that Minnesota's investment in a state-model health exchange will pay off by providing even more residents with affordable health insurance," said Rep. Tina Liebling (DFL—Rochester), who chairs the House Health and Human Services Policy Committee. "MNsure will drive down costs by making companies compete for customers. While there is still more work to do to make sure every Minnesotan has access to affordable health care, we're taking a big step in the right direction."
Today’s announcement follows a lengthy and thorough review of all of the new policies, which included providing detailed justification for the rates filed to ensure that the premiums charged are reasonable and necessary. After the review process, Commerce Commissioner Mike Rothman approved the rates for 141 plans in total, 78 of which that will be available to individuals. Minnesota’s nationally-recognized, thorough rate review process resulted in premiums for Minnesotans four to 37 percent lower than had originally been filed – providing border-to-border options for consumers across all metal levels.
In coordination with the information released today by the Commerce Department, the Minnesota Department of Health (MDH) has posted on its website a preview by carrier of the networks of clinics, hospitals, and chemical dependency treatment centers that will be available through MNsure. Health plans offered through MNsure are required to meet multiple certification standards, and the state’s Department of Health is responsible for certifying the provider networks for all MNsure carriers. MDH also reviews and approves the benefits being offered by HMO’s through MNsure and the Commerce Department reviews and approves benefits for the non-HMO insurers.
For more information on Minnesota’s health insurance rates or the rate review process in Minnesota, please visit the Commerce Department’s website to view the rates, frequently asked questions, and additional information about the new health care reform changes.
Minnesotans and small businesses will be able to use MNsure to enroll in private health insurance plans or government health programs such as Medicaid and MinnesotaCare starting October 1, 2013. The new coverage options kick in on January 1, 2014.